www.iva.co.uk

I have been informed today i have to enter a 6th year to continue IVA.As I had equity. Thing is I pay £570 a MONTH Now, have given Mccambridge Co a total of 6 k in bonus/overtime and PPI payments. If I continue another year at the payments I pay now I am way above the debt ai ORIGINALLY had....how does this work and is this not moving the goal post and not really helping at all. very upset on this from the IVA people.I am seeking financial and legal help if you can not reply cheers

Hi and welcome,

Bear in mind that you will be having to pay statutory interest and fees on top of your original debts.

I am sure Mcambridge Duffy will be on to answer this.

I paid back approx £14k more than my original debt and my IVA only ran for 2 and a half years.

During an IVA you always owe the full original debt plus fees and possible statutory interest. The object of an IVA is always to repay as much as you can, not as little.

Bear in mind that the extra, over your original debt, would have been a lot more had you still been paying the loans contractual interest.

I doubt any goalposts have been moved and all of the detail will be in your paperwork.

Sorry if you are not happy but the other posters are correct. If you do manage to repay creditors in full it will be a great achievement but remember that your creditors will have foregone six years interest and were prepared to even write off some capital. The overtime, PPI etc will have improved the return so your creditors will have had their faith in you rewarded.

..and you will have got to keep your property which you might have lost in Bankruptcy.